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Wednesday, February 9, 2011

Tax Time

I'm new at this craft business thing, and haven't really had that much time to invest into it. So I was really proud of myself last year, when I took a leap and got my business license, hoping it would be one of many more steps in the right direction towards my goal.

To be honest, I never did ANYTHING with it! {Aside from ordering some envelopes, which I still have to see if I saved the receipt for}.

Fast forward to a week after my baby boy, Rowan, was born, when I got a call at 7am, from somenone at the County Clerk's Office, letting me know that they needed to audit my home business. I managed to give a sleep deprived response of, "I haven't even done anything with my business." The man replied, "So, you're not renewing your license?" And all I could muster up was, "Not now".

So now, with tax time just around the corner, I have to figure out how to file a business that didn't really produce OR expense any money.

Also, I'm not sure whether I should renew my license. I guess I should have allowed them to audit...*not thinking clearly at the time*

I planned to really get going on it during my maternity leave {in my dreams!}. Rowan had a different plan, mostly revolving around himself.

We moved into a fixer upper house and had a baby last year. I get anxious enough over taxes as it is. I'm really not looking forward to filing this year, even though we should get a lot back. I think it's time to kick TurboTax to the curb and go to a professional, who can sort through it all.

If anyone out there has some tax advice for someone just getting their feet wet, I'd love to hear it!

I did my own taxes for years. House, kids, the whole nine yards. With my husbands push, we started to get ours done. Not sooo bad. You can write off the expense they charge you, but it is a bit painful to watch someone pop into a computer, put your numbers you kept track of in and thats that. Good for making sure your doing it right and things you would not know about. For the business you might want to consider it as a hobby. I have a family member that does that based off a suggestion from the tax professional. Good luck with all. Babies and business = BUSY:)